Eden Empire Secures Cannabis Development Permit and Announces Joint Venture in Historic Gastown Vancouver

VANCOUVER, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) -- EDENtm (CSE:EDEN), is thrilled to announce that the City of Vancouver has granted to EDENtm a development permit for a new retail cannabis location at 348 Water Street, located in the heart of Gastown, Vancouver. EDENtm has also entered into a letter of intent with an arm's length third party to operate its Gastown location as a joint venture for proceeds of $500,000CAD. EDENtm intends to use these funds to expand its footprint in the State of Michigan.

Key Takeaways

• Gastown serves as a primary shopping, dining and entertainment district in the heart of Downtown Vancouver.
• This location sits just steps from the Historic Steam Clock and Terminal SkyTrain Station.
• Expected to use the proceeds for further expansion in the US cannabis market.
  

Gerry Trapasso, Director & CEO, commented, "Being located just footsteps from Terminal Station and the historic Gastown Steam Clock makes this location a massive attraction for tourists, visitors and residents of the area. We are extremely excited about the introduction to this area and feel our boutique style culture provides an exciting opportunity in Gastown. Obtaining the Gastown location allows EDEN to uniquely position itself with key retail locations within the City of Vancouver.

The gross proceeds brought in through this JV will be used to further our expansion in the US and comes after more powerful news is released from the State of Michigan."

For further information or should you have any questions, please feel free to email us at [email protected].

Gerry Trapasso, CEO

About Eden Empire

EDENtm is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. EDENtm intends to expand its retail operations in Canada and to expand its business to cannabis cultivation, extraction and processing? and become a fully integrated cannabis product company in the United States.

EDENtm has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with extensive cannabis industry experience. Upon completion of EDEN's currently intended acquisitions, and approval to operate its retail locations, the Company is expected to have a significant retail cannabis footprint in Canada and Michigan. Retail cannabis operations are an emerging sector with significant cash flow potential.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "upon" "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the opening of Eden's retail cannabis store at the 348 Water St. location; the estimated timing of the opening of the Water Street location; the general outlook of the Water Street location and the potential for it to amplify Eden's brand and loyal following; the Company's future operations of retail cannabis stores in the United States and Canada; the Company expanding its business to cannabis cultivation, extraction and processing and becoming a fully integrated cannabis company in the United States; the completion of the Company's currently intended acquisitions; the receipt of all necessary licenses and approvals to operate the Company's retail locations; the performance of the cannabis industry generally and its cash flow potential; and the proposed future transactions Eden may undertake and their expected timing.

Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Eden to control or predict, that may cause Eden's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: Eden may not obtain the requisite regulatory approvals and may not begin operating cannabis retail or cultivation and processing operations; that the actual use of proceeds may differ from those currently stated; the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; currency fluctuations; regulatory restrictions and the possibility for changes in laws, rules, and regulations in the industry; liability, competition, loss of key employees and other related risks and uncertainties. Eden does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3807854c-886f-4dce-9799-59f0c3ce8b82